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Economic Impact of British Racing 2013

From the Foreward:

British Racing has faced, and largely come through, a significant test. We were never going to be immune to the wider financial difficulties that still prevail, but can all be extremely proud of the scale of our sport’s continued contribution to the British economy. Core industry expenditure of over £1.1 billion and a total economic impact of £3.45 billion are just the headline demonstrations of British Racing’s importance.

Resilience is a recurring theme throughout. This resilience is however no accident, coming instead as a result of the collective steps taken within the sport over the last decade.

Our structure as a racing jurisdiction is in many ways unique. The quality of our racing may be the envy of the world but our central funding model is quite the opposite, but this in turn provides an imperative to diversify our revenue streams, to both seek new customers and enhance the enjoyment and experience of our most loyal supporters, and explore different markets.

For the first time, we have deliberately separated the sections on our participants from those on our customers. British Racing is prioritising its presentation to commercial partners in the Betting industry, and the broadcasting and sponsorship sectors.

Putting funding arrangements with bookmakers on to a truly commercial footing remains our sport’s biggest challenge – many of the financial contrasts inherent in the pages that follow are testament to that – and one we are committed to overcoming. We believe the relationship is heading in the right direction, even if not yet fully the numbers.

We want to meet the needs of our customers in order that our producers receive appropriate reward. The participants at the heart of our sport continue to make significant financial contributions, most notably owners whose expenditure has risen despite a fall in the number of horses in training over the period covered.

The racecourses section details the variety of business models that exist in this key sector, and their requirement for a wide range of income sources. The programme of investment across British racecourses over the previous decade has certainly been rewarded, as has an increasingly commercial outlook.

The report’s feature articles also serve as a perfect snapshot of British Racing: the superstar athletes both at home and attracted from abroad; an unstinting commitment to the highest standards of horse welfare; the world’s best races not resting on laurels but packaged for modern consumers; the importance of prize money for all taking part in the sport and the commitment of those working at the sharp end.

We still bear strong comparison to those that operate in similar sectors to ours, such as the sports and leisure markets, though British Racing and its many stakeholders will never be complacent and instead take a long- term view and seek to learn from the experience of others, including these sports and leisure industries where appropriate.

The British Horseracing Authority, as governing and regulatory body, takes its responsibility on behalf of the sport extremely seriously.

We are confident in our ability to carry out our varied roles, leading and serving those we work for and playing a central part in creating the environment in which all revenue streams can be maximised.

The report naturally highlights that the numbers, the sport, the industry, are all made up of a great many different component parts: in addition to as ever thanking the Sports Business Group at Deloitte for their work, we would like to express our gratitude to all those who have played their part in the collation of this report, and who make British Racing what it is in 2013.

Read the Economic Impact of British Horse Racng 2013 Report